AUDCAD: Under Short-term Bearish Pressures

AUDCAD may provide shorting opportunities, as the short term technicals point to further downside.

-The price is trading in a clear short term bearish channel, within the context of the longer term bull channel.
-The price has broken 1.0000 horizontal support and psychological barrier.
-MACD completed a bearish crossover, while Histogram is bearishly divergent.
- A potential target is at the support of the rising channel, and near 0.9820 level.
- The short term bearish channel may unfold to be a bullish flag continuation pattern, and therefore a break above that channel may negate the bearish scenario, and signal the continuation of the bullish trend within the main rising channel.

Best of luck, join me at https://twitter.com/thefxchannel

If you dont want to miss any trade and see all the trades live, fully transparent. No bullshit like some others. Join my FREE channel here https://telegram.me/technician_forex_trades